Enterprises seek innovative techniques that help them draw attention to key messages and allow them make informed business decisions in complex situations. Visual analytics is one such method that allows decision makers to gain insight into complex problems. It simplifies data values, makes it easy to understand and helps enterprises in communicating important messages and insights which otherwise would be difficult to understand without deep technical expertise.
The practice of presenting information visually is nothing new and the industry has witnessed a growing progression in the techniques down the years; starting with hand-drawn simple charts and tables followed by spreadsheets giving rise to graphs such as bar graphs, pie charts, and line graphs.
Great data insights don’t mean much if the folks controlling change don’t understand them or don’t have the time to pour over columns of data. Enter data visualization; the key to getting data insights to cause change that improves your market performance.
Data visualization is a little like herding cattle — it’s expensive and time-consuming, but, ultimately, necessary if you want to generate profits from your cows.
Of course, data visualization is only 1 means of corralling big data into something useful. Data analysis using statistical tools to generate descriptive, predictive, and prescriptive data analysis also synthesizes meaning from big data.
Even with data analysis, data visualization makes it easier to see not only descriptive data like height, age, and income, but predictive analytics reflecting the relationships among data, and prescriptive data showing the best alternative solutions.
47% of manufacturers expect big data analytics to have a major impact on company performance making it core to the future of digital factories.
36% expect mobile technologies and applications to improve their company’s financial performance today and in the future.
49% expect advanced analytics to reduce operational costs and utilize assets efficiently.
Big data has given businesses a window into valuable streams of information from customer purchasing habits to inventory status. However, internal data streams give only a limited picture, especially with the growth of digital business.
Three trends Gartner has identified describe information’s ability to transform business processes over the next few years.
No. 1: By 2020, information will be used to reinvent, digitalize or eliminate 80% of business processes and products from a decade earlier.
No. 2: By 2017, more than 30% of enterprise access to broadly based big data will be via intermediary data broker services, serving context to business decisions.
No. 3 By 2017, more than 20% of customer-facing analytic deployments will provide product tracking information leveraging the IoT.